The Union Budget 2024-25 highlights several working strategies on the economic growth of the nation, infrastructure, and society. This year’s budget released by the Finance Minister for the financial year lays emphasis on several areas, which are vital for India’s growth and development.
Here are the major takeaways:
Economic Growth and Fiscal Management
The budget of the country lays stress on steady economic growth with a targeted 6.5% GDP growth rate for the fiscal year. This way the government intends to raise the public expenditure on significant infrastructure investment in roads, railway, and urban related projects. The fiscal deficit is targeted at 5.9% of GDP, with a commitment to reduce it further in the coming years.
Infrastructure Development
In regards to the infrastructure expenditure there were considerable preparations made. The Union Budget 2024-25 highlights the existence and creation of new highways, expressways, and rural roads to connect different parts of the country. About one-tenth of the total budget is planned for the advancement of smart city framework and urban infrastructure, the goal of which is to improve people’s quality of life in megacities.
Agriculture and Rural Development
The welfare of farmers remains of importance with enhanced financing for numerous plans touching on farming. The measures highlighted in the budget which have embellished this aspect include new measures to enhance proper pricing and market access of marketed agricultural products. Furthermore, the government seeks to improve irrigation and give incentives on the use of better farming technology to give higher yield and income to the farmers.
Social Welfare and Healthcare
The Union Budget 2024-25 highlights the major steps in social welfare and healthcare. The budget provides a large amount of money to the National Health Mission and sets out proposals for the creation of new AIIMS institutions in order to enhance the availability of health services in the areas nationwide. Further, there are new schemes introduced for offering funds to elderly people and persons with disabilities.
Education and Skill Development
Ample funding on schools, universities, and other skill development establishments give a major impetus to education and skill development. On the front of higher education this empowers the centre for setting up more central universities and thus IITs. There are also new measures that have been put in place to improve computer literacy and educational loans for deserving/new generation Scholars belonging to poor families.
Green Energy and Sustainability
Today environmental goals at the global level are in question and the budget provides funds for renewable energy projects and combating climate change initiatives. This includes bonuses for solar and wind energy plants and undertakings towards the use of electric vehicles and decreased carbon footprint.
Taxation and Ease of Doing Business
The budget provides for several reforms on the existing taxation system to simplify the tax regime and promote ease of doing business. Also, recommendations are made to improve the effectiveness of the GST regime and lighten the ‘red tape’ on industries.
Conclusion
Therefore, it can be inferred that the Union Budget 2024-25 highlights an exemplary strategy for the revival of the economy and drive inclusive growth. Meant for sustenance and prosperity of India, the budget planned on the strategic areas of infrastructure, agriculture, health and education sections.
